Should We Raise The Minimum Wage?: 5 Considerations

In the last few decades, we have witnessed a significant income gap, between, the so – called, haves, and have – nots, in this nation! While executives, and Chief Executive Officers, always made, significantly more, than employees, which is understandable, the margin/ gap, has increased, by more than three times (from, about, 20 times, to over 60 times). Regularly, there are discussions, in Congress, about, whether the minimum wage, should be increased, or not, and, if, so, by how much! After, the past few years, where we have seen, an ever – widening gap, with the election of a new President, and a party – change, in terms of control of both Houses, of Congress, once again, this debate is happening! Since the minimum, has not increased, in over a decade, obviously, it no longer, creates the intended protections, to those, most, in – need! With, that in mind, this article will attempt to, briefly, consider, examine, review, and discuss, 5 considerations, in terms of evaluating, where this nation, should go, and why.

1. Can companies afford it?: Those, opposing raising this, or, the amount of the increase, often claim, companies can’t afford this extra cost! However, one of the most successful, American corporations, Costco, for years, has paid, this amount, and more, and, just, stated, the new minimum would, now, start at $16 per hour. In fact, recently, when the CEO of Costco, testified, in front of the Senate, he questioned, one of the Senators, Lindsey Graham, and wondered why, that individual, was so – opposed, to it! How much, it would impact, the bottom – line, is an interesting question, because, while it might raise, salary costs, it might also, help, maintain employees, and reduce the expense of hiring new ones!

2. Will it cut/ reduce certain jobs?: In some industries, raising the wage, might reduce, those, at the lower – end, and replace them, with automation, etc! However, that appears, to be the trend, anyway! A caring nation, and set of leaders, would seek to create, better, higher – paying jobs!

3. $7.25 minimum wage, hasn’t gone up in years: The last time, the minimum wage, was increased, was on July 24, 2009, and, in – terms of inflation – considered income, certainly, hasn’t kept – up! In fact, at the amount, in about two – thirds, of all states, people couldn’t afford, the average rents, etc!

4. Widening income gap: The combination of the impacts of the 2017 tax reform legislation, where the wealthiest, were the greatest beneficiaries, and the lack of significant, overall, wage increases, to – most, contribute to the ever – widening, income gap!

5. What the numbers mean?: 40 hours, per week, at, $7.25 per hour, equals, $290 per week, or, $15, 080 per year! Since, experts state, we should, only pay, about one – fourth, to, one – third, of our salary, on housing, it would amount to, only $315 to $415 per months. Shouldn’t someone, working full – time, at least, be able to afford, to reside, and pay rent?

Is it policy, or politics, and greed, which directs, certain politicians, to, either, oppose an increase, or suggest, a smaller one? More than half, the states, have, higher minimum wages, than the national one!

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